The Herman Trend Alert
March 17, 2021
Unhappy Employees Are Ready to Bolt
For years, my late partner Roger Herman and I expected to see unprecedented churning in the labor marketplace. Though eventually in the years after the Great Recession, there was significant employee turnover, then came the COVID-19 Pandemic. Now, as we emerge into our post-pandemic future, new statistics from a recent survey indicate that we are on the brink of a new round of staff turnover----like nothing we have seen in recent years. Now, a recent survey from Gloat outlines the threat to employers. Though this Gloat survey focused on employees in the US, we believe that the same issues and solutions that will work for US employees will work for employers across the globe. Plus, using the reasons given, we can infer what to do to prevent this unwanted calamity.
A Majority of Employees is Not Happy
The most telling finding from the study is that 64 percent, nearly two-thirds, of the survey's participants said they plan to leave their current job. Interestingly, this number has been fairly consistent in a variety of studies throughout the years, typically, between 63 and 68 percent.
Why People Want to Leave
Though most people would guess that money is the issue, mostly it is not. The top five reasons people say they want to leave are 1) Lack of opportunities for growth; 2) Wanting a change or to do something new; 3) Being unsatisfied with compensation and/or benefits; 4) Not feeling appreciated; and 5) Feeling stuck in their current position.
Many Workers Feel Underappreciated
According to the Gloat survey, many workers---especially women---do not feel valued. Moreover, what employees value most are three things: opportunities for advancement, respect for their contributions, and the feeling that they may learn new things and grow.
What Employers Can Do to Prevent this Turnover
There are some specific actions that organizations may take to eliminate the reasons for employee dissatisfaction. First, create lots of opportunities for workers to learn and grow. To make that development automatic, encourage leaders to delegate to their managers and suggest that managers delegate to the supervisors who report to them. Finally, urge your supervisors to delegate to their rising stars. Second, provide cross-training and cross-experience to your employees; these moves will satisfy the need for change and something new. Promoting feelings of appreciation is a little more complicated: small and large "thank-yous," along with giving all employees the opportunity to recognize each other (outlined in a previous Herman Trend Alert).
But Wait, There's More. . .
Almost half (47 percent) of the employees surveyed wanted their companies to gain better visibility of their skills, and more than 43 percent desired opportunities to work on projects outside of their job description.
Gloat How It Can Make A Difference
Imagine an internal talent marketplace that not only keeps track of the talents and abilities of employees but can also help employees explore new opportunities to work on projects, learn new skills, establish mentorships, and grow within an organization---including applying for internal postings. The net result of this democratization of career development is that people, especially women and minorities, feel more valued. Already used by Unilever, PepsiCo, Walmart, Nestlé, and HSBC, Gloat and platforms like it can go a long way towards reducing employee turnover by giving them chances to learn and grow and apply for open positions within the organization. Wise employers know that it just makes sense to give people opportunities to grow and still stay with their establishments.
Special thanks to Brian Hershey and Gloat for conducting this current study.
Next Week's Herman Trend Alert: Mutations, Variants, and What Comes Next
With all of the talk of mutations and variants and the effects if premature openings, I think it is time to address what we may expect as we all get vaccinated and we can turn to working together in person. However, it probably won't match our previous pictures.
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